Fairstead Announces $20 Million Renovation of 710 Affordable Homes in Existing Bronx Portfolio, To Include New Suite of Resident Services to Support Community Well-Being

Originally acquired in 2021 with partner Invesco Real Estate, the 710 residences are part of a larger Section 8 portfolio comprising nearly 2,000 residences across 48 buildings

BRONX, N.Y., July 30, 2025 (GLOBE NEWSWIRE) -- Fairstead, a national, vertically integrated real estate company, today announced a $20 million investment to renovate 710 affordable housing residences across 19 buildings in the Bronx, New York. The effort utilizes the New York City Department of Housing Preservation and Development’s (HPD) HUD Multifamily 420-c program, in partnership with HPD. Collectively, the initiative reflects a forward-thinking model for preserving affordable housing through creative and collaborative public-private financial structures while also expanding resident services to promote community well-being.

The 710 residences undergoing renovation are part of a broader Section 8 portfolio encompassing nearly 2,000 homes across 48 buildings in Upper Manhattan and the Bronx. Fairstead, in partnership with Invesco Real Estate, acquired the communities in 2021 in one of the year’s largest affordable housing transactions in New York City. All residences in the development are protected by project-based Section 8 contracts, guaranteeing long-term affordability for households earning up to 50% of the Area Median Income (AMI).

“This effort sets a precedent for preserving rental housing long-term while maintaining affordability for our Bronx community,” said Jeffrey Goldberg, CEO of Fairstead. “By utilizing innovative financial tools through public-private partnerships, we’re improving these homes for the future and strengthening our commitment to reinvest in the communities we’re proud to be a part of.”

Ocean Lo, Director, Development at Fairstead, added, “We are deeply grateful for the support and guidance from HPD throughout this closing process. Thanks to their leadership and financial assistance, Fairstead, alongside our partner Invesco, can now move forward with these much-needed rehabilitation projects.”

The $20 million in financing will support renovations of 301 homes across 11 buildings in the Linden Apartments community. It will also fund upgrades to 409 homes across eight buildings in the Locust Apartments community, totaling nearly 700,000 square feet of improvements across the two developments.

Built in the early 1900s, the Linden Apartments and Locust Apartments upgrades will include extensive façade repairs and interior improvements. Beyond the physical upgrades, residents of the two clusters will benefit from new services and social spaces on-site that foster community and enhance day-to-day quality of life. In partnership with the Settlement Housing Fund, these supplemental offerings include food pantry referrals, benefits enrollment support, ESL class referrals, and referrals for fitness and recreational programming, as well as sponsored social events at the two developments. Additionally, a 5,000 square foot courtyard within the Linden Apartments community will undergo extensive renovations as part of the landscaping plan, enhancing residents’ access to outdoor space.

“The mission isn't just about how much new supply we bring online, it's about how much of our existing supply we invest in to make it stable, keeping people rooted, secure, and supported,” said Acting HPD Commissioner, Ahmed Tigani. “At HPD, we're often known for the milestone moments: putting shovels in the ground and cutting ribbons on newly built, deeply affordable housing. But just as critical is the work we do every day to preserve the homes New Yorkers already live in. Through this effort, and in partnership with Fairstead, HUD, and Settlement Housing Fund, more than 700 apartments across the Bronx will undergo major renovations, helping longtime residents, many of them families who’ve built their lives here over decades, remain in the communities they love and call home.”

Tigani’s team provided essential guidance and support in structuring the transaction within the city’s affordable housing framework.

Fairstead’s Bronx Portfolio properties include deeply affordable apartments serving low-income and formerly homeless New Yorkers. The strategic acquisition marked a significant milestone for Fairstead, reinforcing its mission to uphold long-term affordability in some of the city’s most vulnerable neighborhoods. Fairstead implemented a strategy focused not only on ownership but on reinvestment, enhancing property operations, initiating capital improvements and working closely with public-sector partners to support resident stability and community well-being.

"Ensuring access to quality, affordable housing is a top priority for our community,” said Rafael Salamanca Jr., New York City Council, District 17. “Fairstead's holistic approach to rehabilitation demonstrates a meaningful investment in the Bronx, and I commend all partners involved for their dedication to improving the lives of New Yorkers.”

Additional financial partners of this critical renovation project, alongside HUD, HPD and equity partner Invesco Real Estate, include senior lender Berkadia and Freddie Mac.

Fairstead will continue to serve as the owner, developer, and managing partner for these properties. Renovations at both Linden Apartments and Locust Apartments are scheduled for completion by Summer 2027.

In New York City, Fairstead owns and operates 29 properties, totaling more than 7,100 affordable homes. Fairstead’s national footprint exceeds 25,000 residences across 28 states. Recently, Fairstead announced its first of a series of ground-up developments, beginning with the $120 million redevelopment of Samuel Madden Homes, a historic public housing complex in Alexandria, VA. The project is currently under construction and is estimated for completion by fall 2027. Fairstead’s larger Virginia portfolio is set to grow to over 1,300 units by the end of the year.

About Fairstead
Fairstead is a purpose-driven real estate firm dedicated to building affordable communities across the country. Fairstead is committed to preserving and enhancing affordable housing communities nationwide by leveraging strategic public-private partnerships, innovative technologies, and a seasoned team of dedicated professionals with expertise in acquisitions, development, construction, asset management, and property management. Headquartered in New York, with regional headquarters in Colorado, Florida, and Washington, D.C., Fairstead owns more than 25,000 apartments across 28 states, including more than 20,000 units under management. For more information, visit fairstead.com.

About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $87.0 billion in real estate assets under management, 597 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1983. Invesco Real Estate is the real estate investment center of Invesco Ltd., an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.

About New York City Department of Housing Preservation and Development
The New York City Department of Housing Preservation and Development (HPD) is the nation's largest municipal housing preservation and development agency. HPD's mission is to promote quality and affordability in the city's housing, and diversity and strength in the city's neighborhoods. The agency works to achieve this by maintaining building and resident safety and health, creating opportunities for New Yorkers through housing affordability, and engaging New Yorkers to build and sustain neighborhood strength and diversity. HPD is instrumental in enforcing the Housing Maintenance Code, financing the creation and preservation of affordable housing, and engaging neighborhoods in planning to foster more equitable, diverse, and livable communities. For more information, visit www.nyc.gov/hpd.

About Berkadia
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

To learn more about Berkadia, please visit www.berkadia.com.

MEDIA CONTACT:
Antenna Group
fairstead@antennagroup.com

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